The job market is smoking hot. Low unemployment, higher wages. Jobs open everywhere (it seems). Job candidates are so confident of their chances, they ghost interviews. With labor market conditions like this, attracting and retaining employees can be difficult.
The reality is people are looking for better opportunities. About 60 percent of Millennials switch jobs annually, according to Gallup. Nearly half of all non-Millennial workers are open to switching jobs, too.
With so much change and turnover in the job market today, it’s important to offer an attractive benefits package. While some perks like “Cadillac” health insurance are always attractive, you also need to ensure your package is as competitive as your competition.
When analyzing benefits packages, particularly against companies in your region, here are some key benefits that could make your offer more attractive than your competition.
1 - Commuter Benefits
Commuter benefits are not just attractive to your potential employees. You can save your company money by offering a program that allows your employees to save on their commute. Employers can save up to 7.65 percent of payroll taxes with commuter benefits because employees set aside tax-free money to pay for their commuting costs.
In return, your employees save up to 40 percent of their commuting costs for transportation like subway, buses, ride shares, ferries and rail. While car commuters can’t save on gas, they can save on parking. The more employees who sign up, the more savings to your company since your payroll tax will be lower.
If you want to learn more about this benefit, download our infographic:
2 - Flex Time
A study by Fractl, a content marketing agency, showed 88 percent of respondents are influenced by having flexible working hours when selecting a job. So if you are offering a lower salary than your competition, it’s might be worth trying to offer a flexible work schedule to counter the pay gap. The job site FlexJobs polled parents and found around 8 out of 10 preferred flexibility and work-life balance in a job. Flex time is easy to add to your benefits package with little-to-no costs to you.
3 - Work from Home
Another easy benefit to add to your package is the ability for employees to work from home. With cloud-based software, mobile phones and other technological advances, it’s easy for employees to plug in without leaving the office. And employees will love you for it. The same Fractl survey showed 80 percent of those who responded listed working from home as a benefit they would take into consideration when looking at a job opportunity.
Now is as good a time as ever to review your benefits package as you work to hire the best employees for your company. Even if you can’t pay the highest salaries, there are other options to help you be as competitive as other companies in your industry or region.
Do you want to see how commuter benefits could save your company money? See how Edenred Commuter Benefit Solutions can help your company offer the best benefits to commuters and save you money.